WTF? Collecting All Our Info and Now... "Facebook looks for OK to Launch Financial Services: FT

[KoKo]

When is enough...enough?

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LONDON (MarketWatch) -- Facebook Inc. FB +2.67% is getting ready to launch financial services, which would let people make payments and store their money via its social network, the Financial Times reported Monday. It is seeking regulatory approval in Ireland for the service, with a decision only weeks away, the FT said, citing people involved in the process. Under the plans, Facebook's "e-money" would be a claim against the company and be valid in Europe. Alongside this, the social-networking provider is looking into partnerships with London-based companies focused on online money transfers: TransferWise, Moni Technologies and Azimo, the report said. A representative for Facebook did not comment on the report. Facebook shares rose 0.1% ahead of the open.

http://www.marketwatch.com/story/facebook-looks-for-ok-to-launch-financial-services-ft-2014-04-14

[ananda]

1. Sounds like one of those what coud go wrong moments.

..

[el_bryanto]

2. Indeed. Even if Facebook doesn't screw it up

It will be one of the biggest targets for hackers and cyber-criminals almost immediately.

Bryant

[KoKo]

3. ...and, filing in Ireland...to avoid US Taxes.

What could go wrong, indeed. Sounds like a scam that's been done before. Zuckerberg will just pay a "fine" if this all goes under. He can well afford it. Another article says he's getting ready to sell 41 Millions shares of his stock. Facebook stock jumped on the news of their new banking proposal. Pretty convenient.